This transcript has been automatically generated and may not be 100% accurate.

... been been been been been been ... JPMorgan kicked off a looks like it ... earnings season for the U S banks ... Morgan saw fourth-quarter earnings fall from the year earlier amid regular trade settlements ... and weak trading results and see the stock this morning ... up a little less than one percent yet earnings are down ... but the street not exactly just need to look for the time when all is good and help break it down is Maureen Balart MoneyBeat compatriot ... here on the Fed to talk about the submarine Howard had things happen on you listen to the conference call ... warning if you cannot just now ... I've just got off a few minutes like the great out we didn't learn anything that didn't hear anything from Jamie diamonds ... so when the first thing beverage and I mean we've heard him re how about regulations government regulations and crafts the banking crash ... the American American capitalism ... the onthe phone call today impact of the Volcker rule in actually is that it tonight ... to know where regulation and slipped a snow NAR with were happy to just live with and an insight could be that much of it didn't intervene and fall in a good thing she might have a solution at a concert Nissan to validate do it ... now I'll start with the earnings ... down from the year-ago ... look they still ... profiting by more than five billion that they need money they did make were not as much in the year-ago wildlife ... I basically they've had a lot of things redound mortgages overall were down mortgage rate appreciation people are saying that the retired boom is over ... I think we did see that from J P Morgan's earnings ... trading was down a little bit but not at J P Morgan at least not as much as people really expect in investment banking fees ... serve across the board it was not as great as people expected them but also I'm in the tooth but still not a bad actually as analysts predicted there isn't yet ... and then of course use of illegal expansion draft by the legal expenses all I would not Sir does as it was in the third for not aam but they're still shuttling a lot of money you have to deal with all this write ... exactly and that that's also why I didn't feel there is no sticker shock merely from that they had to have the reserves they built them up and little by little the fee and that the VA that ... found a way that the of the litigation expenses in a surprise to anybody they weren't a big day in the earnings if you talk about ... he he you mention the mortgage business and the five boom ... obviously that's right into what interest rates are doing ... but also obviously I I think the lead from on ... the house to be something that the rest of the banks are going to be dealing with bright and Wells Fargo reported this morning ... he is is this going to be ... the are the things that hurt JPMorgan the scene is interested ... I think they're well and I mean the difference ... potentially with the other banks that that they don't have to be in one hand I tend to give back in ... the preceding the J P Morgan's earnings this morning it than actually saw the mortgage banking segment on ... profits were up significantly in that scared a lot of ... the release of loan loss reserves as the credit quality were getting better ... housing prices are getting better so they're able to get to get back about a billion dollars to their profit ... even though yet slightly after ... their adjacent her way down ... will lead other banks might have the same decrease in originations and refinancing but might not have the one time ... loan loss reserves the